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Misguided Into Administration - Who's Next?
- Thread starter MOIC
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Same here with a 14 year old. Every few months, a sit down with 50 links to order masses of stuff to send half or more back. So many times multiple size ordering too.
On the other hand, I needed something from John Lewis which was £28. As under £30 they wanted £3 to collect. Now I could have ordered tow, received free postage and free returns and kept just one but I wanted it quickly. So I added 2 x £1 wooden spoons to make up the £30.
The spoons will be used but I didn't need them. It was simply cheaper to have them than not have them ! Madness !!!
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Like others, I'd assumed the thread was a legal one.
From reading, they are one of many near zombie online retailers who rode a wave of excess capital and an online boom during lockdown.
The fact is that we have been in another .com bubble, which is now bursting. Surprise, surprise, the first to go will be those that don't have a clearly defined market and plan
From reading, they are one of many near zombie online retailers who rode a wave of excess capital and an online boom during lockdown.
The fact is that we have been in another .com bubble, which is now bursting. Surprise, surprise, the first to go will be those that don't have a clearly defined market and plan
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Oh dear, it's getting desperate out there.
Personally never seen a demand crash like this one (ecommerce business owner since 2001).
Just done some quick analysis and can see consumer demand well below pre-pandemic 2019.
Appreciate this won't be affecting all sectors similarly.
We sell gardening products online and B2B, demographic typically male 45-60 ABC1.
The weather has been above average this year (according to Met Office stats).
We've bust a gut on promotional activity and had to discount too.
Will be lucky to break-even this year.
Don't want to be a doom-monger but........next year will be worse.
Keep calm and plod on.
Would love to hear opinions from any other online sellers on this board.
Personally never seen a demand crash like this one (ecommerce business owner since 2001).
Just done some quick analysis and can see consumer demand well below pre-pandemic 2019.
Appreciate this won't be affecting all sectors similarly.
We sell gardening products online and B2B, demographic typically male 45-60 ABC1.
The weather has been above average this year (according to Met Office stats).
We've bust a gut on promotional activity and had to discount too.
Will be lucky to break-even this year.
Don't want to be a doom-monger but........next year will be worse.
Keep calm and plod on.
Would love to hear opinions from any other online sellers on this board.
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ProCook - online kitchenware company with stores with a profit warning yesterday
Extracted from The Times
The soaring cost of living has forced ProCook to halve its profit expectations in a warning that sent shares in the kitchenware business down by 40 per cent yesterday.
ProCook said it was facing “increasingly challenged market conditions, with customers affected by the well-documented exceptional pressures on discretionary spend”. It said that while sales had been higher than pre-Covid levels, they had weakened recently and it was now noting a drop in the average amount spent and in conversion and repeat rates from customers who were choosing to buy a single pan, for example, rather than a whole set.
Extracted from The Times
The soaring cost of living has forced ProCook to halve its profit expectations in a warning that sent shares in the kitchenware business down by 40 per cent yesterday.
ProCook said it was facing “increasingly challenged market conditions, with customers affected by the well-documented exceptional pressures on discretionary spend”. It said that while sales had been higher than pre-Covid levels, they had weakened recently and it was now noting a drop in the average amount spent and in conversion and repeat rates from customers who were choosing to buy a single pan, for example, rather than a whole set.
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One girl was quoted in the BBC as complaining that she couldn't get a refund. She bought 7 dresses with the intention of trying them all on and returning 7
Surely this is a business model that is doomed to failure
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Many moons ago, M & S had a no questions returns policy.
I'm reasonably convinced my Grandmother only ever bought 5 items from M & S, which she would put in a wardrobe, then take back a couple of years later to exchange for another thing to hang in a wardrobe (she didn't go out much)
Oddly, they dropped that policy a while ago.
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There's not much excuse for Asos, they should have more business accumen.
However the sharp lesson for a lot of internet sellers is that the proce differential between B & M and online isn't a freebie or a gift, it's a trade-off.
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One from the USA - Bath & Beyond
Sales fell to $1.46 billion in the quarter ended May 28, 2022. That’s down 25.12% from the $1.95 billion in sales a year earlier. Wall Street had expected sales of $1.51 billion.
Same-store sales, a key retail metric, plummeted 24% in the quarter.
This is a 'top 30' internet player in the US. Usual situation - overstocks and supply chain issues. They've sacked the CEO.
Anyone in retail - whether Ecommerce or bricks&mortar, in UK, Europe or just about anywhere else will be feeling the heat right now.
Sales fell to $1.46 billion in the quarter ended May 28, 2022. That’s down 25.12% from the $1.95 billion in sales a year earlier. Wall Street had expected sales of $1.51 billion.
Same-store sales, a key retail metric, plummeted 24% in the quarter.
This is a 'top 30' internet player in the US. Usual situation - overstocks and supply chain issues. They've sacked the CEO.
Anyone in retail - whether Ecommerce or bricks&mortar, in UK, Europe or just about anywhere else will be feeling the heat right now.
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Thought perhaps I should add more info on the ecomm side of Bed & Beyond.
The home goods retailer said ecommerce sales at both Bed Bath & Beyond and its Buybuy Baby unit declined 18% from a year earlier. That’s a worse performance than seen in the brick-and-mortar operations, where comparable store sales dropped 8%.
The home goods retailer said ecommerce sales at both Bed Bath & Beyond and its Buybuy Baby unit declined 18% from a year earlier. That’s a worse performance than seen in the brick-and-mortar operations, where comparable store sales dropped 8%.
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Most shorted stocks 6th June
A bit surprised by Fevertree, but there it is..
Source: FCA, June 1, share price changes exclude income
A bit surprised by Fevertree, but there it is..
The FTSE's Most Shorted Stocks
Table with 4 columns and 10 rows. Currently displaying rows 1 to 10.Source: FCA, June 1, share price changes exclude income
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If other manufacturers sold non sweetener based tonics i would buy theirs as well, but currently they are one of the few options so they get our custom as well. (strangely when they have them, one of the cheap lidl options is also sugar not sweetener as well)Down to rising costs apparently but I'm doing my best to support them
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I suspect some DIY will go up soon as if house prices either fall (to -ve equity) or rise too fast in relation to wages then people will extend/renovate rather than move and then the likes of B&Q , Wickes, Jewson's will thrive
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We've managed to draw record visitor numbers to our website but the conversion rate has collapsed. We currently achieve 1.9% conversion when we usually do double this. Have also offered free delivery on all orders over £20 this year. This P&P promotion will take an extra £50k off the bottom line.
Thank goodness the weather is good tbf - doesn't bear thinking about where we'd be if it was raining.
Thank goodness the weather is good tbf - doesn't bear thinking about where we'd be if it was raining.
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Many people always say I should trade online, but I can never see the appeal. Increasing prices of fuel making sending orders and receiving returns more expensive, ever increasing amount of returns for most goods (maybe this is people's new hobby as they can't afford to do other things), ridiculous costs of warehousing (beaten up warehouses in the middle of nowhere can be more expensive than some prime retail stores), competing with retailers across the globe making it a race to the bottom which reduces margins, a hell of a lot of fraud happens (eg. people buying goods for £5k and saying their order didn't arrive), high ad spend needed to get new customers, and so on.
Sometimes I wonder how they even make a profit and I find it no surprise that many are starting to feel the heat in this climate. Covid battered B&M but now I think it's eCommerce's turn to get a battering.
Sometimes I wonder how they even make a profit and I find it no surprise that many are starting to feel the heat in this climate. Covid battered B&M but now I think it's eCommerce's turn to get a battering.
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Online sales down Jan-June 22 vs 21
Shows my sector 'Gardening' down 37%. It has been a tough few months.
Shows 'women's clothes' holding up mind.
Shows my sector 'Gardening' down 37%. It has been a tough few months.
Shows 'women's clothes' holding up mind.
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Made.com has cut its revenue and profit forecasts and warned of job cuts as costs rise and customers reduce spending on “big ticket” purchases because of the cost of living crisis.
The online furniture retailer issued its third profit warning in less than a year on Tuesday, saying that recent trading has been “volatile” and that it now expects annual losses of £50m to £70m, up from a previous forecast of £15m to £30m made in May.
The online furniture retailer issued its third profit warning in less than a year on Tuesday, saying that recent trading has been “volatile” and that it now expects annual losses of £50m to £70m, up from a previous forecast of £15m to £30m made in May.
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Sean Moran, insolvency partner at law firm, Shakespeare Martineau.
Comment today following Made.com's collapse
Economic pressure continues to mount for the e-commerce sector, with the share price of online fashion giant ASOS also reportedly falling by more than 80% earlier this year, as well as the recent demise of online mattress retailer Eve Sleep. As consumers continue to tighten their belts due to of the cost-of-living crisis, retailers will have to work harder to entice purchasers, particularly for luxury or high-value items.
Who next?
Comment today following Made.com's collapse
Economic pressure continues to mount for the e-commerce sector, with the share price of online fashion giant ASOS also reportedly falling by more than 80% earlier this year, as well as the recent demise of online mattress retailer Eve Sleep. As consumers continue to tighten their belts due to of the cost-of-living crisis, retailers will have to work harder to entice purchasers, particularly for luxury or high-value items.
Who next?
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T
The Byre
Name only sold to Next.
Yep!? - crying face - Boo Hoo - get it? Crying? Oh well, never mind.
Cineworld - cinema is discretionary spending and there is a great shortage of 'tentpole' movies as all the talent is getting drawn into streaming. You should see the demand around London and LA for studio space and crews. One studio is using large tents as studios to keep up with demand! But it's all TV and streaming work! Mainstream action movies and space monkey films are the usual fodder and they are largely missing, even now in the run-up to Christmas.
Right now it is supposed to be the quiet season for studios and it is anything but quiet - but very little is for the cinema release market.
The only film that is drawing a cinema audience at the mo is the Black Panther franchise. Cinemas are beginning to scrape barrels and remaster and rerelease old turkeys like Home Alone and
It's a Wonderful Life - and other dire examples of cheap and cheesy rubbish!
The Great White Hope for the cinemas is Avatar 2 - and a little bird has told me that it is boring and unlikely to have the massive success of Avatar 1.
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Massive new studio complex being built in Reading between m4 J10 & 11
UK Film and TV Studio | Shinfield Studios
Shinfield Studios - a new and hugely impressive 18 stage, film & TV studio complex. 18 sound stages, workshops, offices and backlot are open now.
www.shinfieldstudios.com
Full 18 stage Creative Media Hub open by 2024.
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